Struggling through decades of economic sanctions, Iran has placed its first international import order using $10 million worth of cryptocurrency, according to a senior government trade official.
News that the Islamic republic placed its first import order using crypto was shared by Iran’s Deputy Minister of Industry, Mine & Trade Alireza Peyman-Pak in a Twitter post on Aug. 9.
While the official did not disclose any details about the cryptocurrency used or the imported goods involved, Peyman-Pak said that the $10 million order represents the first of many international trades to be settled with crypto, with plans to ramp this up over the next month, noting:
"By the end of September, the use of cryptocurrencies and smart contracts will be widely used in foreign trade with target countries."
Iran was, up until February this year, the most sanctioned country in the world. Iran gets most of its imports from China, the United Arab Emirates (UAE), India, and Turkey, according to...
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